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Mudaraba Hajj
Savings Scheme |
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Mudaraba Hajj Savings
Scheme was created with a noble view to enable Muslims
to perform the great pilgrimage of Hajj by making
their financing easier and comfortable. A person can
open an account under this scheme providing the
targeted time for the journey.
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Some Important features of
Mudaraba Hajj Savings Scheme |
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01. |
Mudaraba Hajj Savings
Account can be opened in the name of the individual
only. |
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02. |
Deposits in this account are received on the basis of
Mudaraba principle of Islamic Shariah. |
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03. |
1
(One) copy of passport size photograph is required. |
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04. |
Persons eager to perform Hajj within the period of 1
to 5 years may build-up savings by monthly installment
equivalent to the amount of Hajj expenses for a
particular year as shown in the chart below:
(Amount in Taka) |
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Term
(Year) |
2005 |
2006 |
2007 |
2008 |
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Monthly
Installment |
Expected
expenditure for Hajj & Amount payable |
Monthly
Installment |
Expected expenditure for Hajj &
Amount payable |
Monthly
Installment |
Expected expenditure for Hajj &
Amount payable |
Monthly
Installment |
Expected expenditure for Hajj &
Amount payable |
| 1 |
9,850 |
125,000 |
10,250 |
130,000 |
10,650 |
135,000 |
11,050 |
140,000 |
| 2 |
4,850 |
130,000 |
5,050 |
135,000 |
5,250 |
140,000 |
5,600 |
145,000 |
| 3 |
3,175 |
135,000 |
3,300 |
140,000 |
3,850 |
145,000 |
3,700 |
150,000 |
| 4 |
2,350 |
140,000 |
2,440 |
145,000 |
2,500 |
150,000 |
2,750 |
155,000 |
| 5 |
1,860 |
145,000 |
1,930 |
150,000 |
2,000 |
155,000 |
2,200 |
160,000 |
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05. |
The account holder must
immediately communicate to the Bank of any change of
the address. |
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06. |
Profit shall be disbursed
over the deposit on the basis of daily balance by
giving weightage, which is more than that of 3 year
term deposit. |
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07. |
If any
depositor intends to perform Hajj before the maturity
of deposit, then he can do so by depositing the
balance amount fixed for the year along with his
savings in the Mudaraba Hajj savings account. |
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08. |
If any depositor, for
some reasons, is unable to perform Hajj and wants to
withdraw the deposited money, he shall get profit over
the deposit at the rate of profit applicable for
Mudaraba Savings Account. |
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09. |
Mudaraba Hajj Savings
Account can be transferred from one Branch to another
upon application from the depositor on genuine ground. |
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10. |
Money can not be
withdrawn from the Mudaraba Hajj Savings account and
as such no chequebook is issued. |
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11. |
In a year there shall
be 12 installments, 60 installments per 5 years. |
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12. |
Regular installment
shall have to be deposited within first 08 (eight)
days of the month. Advance deposit of installment is
acceptable. |
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13. |
If any depositor
fails to deposit 3 (Three) installments consecutively
then his Mudaraba Hajj Savings Account shall be void
and such depositor shall get profit at the rate of
profit given to Mudaraba Savings Account. But if
arrear of one or two installments is deposited along
with the next installment, the account shall remain
operative. But if such irregular practice is
repeated within the same year the account shall be
cancelled. |
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14. |
At the end of the
period if it appears that the actual expenditure for
Hajj in that particular year is less than the
deposited amount including profit, the excess amount
shall be refunded to the account holder. |
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15. |
In case any depositor
under Hajj Savings Scheme fails to perform Hajj in the
year of maturity and desires to perform Hajj
subsequently, he may be allowed the benefit of
Mudaraba Hajj Savings Account upto the date of
maturity and for the subsequent period till
performance of Hajj at Mudaraba Savings Account rate
of profit. |
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16. |
All categories of
Prime Bank Limited are eligible to participate in this
scheme. |
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17. |
The Bank, at any
time, may modify, revise and cancel, amend and rescind
any rule of this account and the depositor shall be
bound to abide by them. |
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